Arrowstreet Capital Limited Partnership Sells 2,710,062 Shares of HudBay Minerals Inc $HBM

Arrowstreet Capital Limited Partnership lessened its holdings in shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) by 28.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,747,236 shares of the mining company’s stock after selling 2,710,062 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in HudBay Minerals were worth $141,134,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Allworth Financial LP grew its stake in HudBay Minerals by 107.9% during the 3rd quarter. Allworth Financial LP now owns 1,990 shares of the mining company’s stock worth $30,000 after buying an additional 1,033 shares during the last quarter. Quarry LP purchased a new stake in HudBay Minerals in the third quarter valued at about $38,000. IFP Advisors Inc acquired a new stake in HudBay Minerals in the third quarter worth about $45,000. Banque Cantonale Vaudoise boosted its holdings in HudBay Minerals by 513.5% in the third quarter. Banque Cantonale Vaudoise now owns 3,172 shares of the mining company’s stock worth $48,000 after acquiring an additional 2,655 shares in the last quarter. Finally, Jones Financial Companies Lllp grew its stake in shares of HudBay Minerals by 131.6% during the first quarter. Jones Financial Companies Lllp now owns 6,570 shares of the mining company’s stock worth $50,000 after acquiring an additional 3,733 shares during the last quarter. Institutional investors and hedge funds own 57.82% of the company’s stock.

Wall Street Analyst Weigh In

HBM has been the topic of several research analyst reports. Citigroup reiterated a “positive” rating on shares of HudBay Minerals in a research note on Wednesday, July 15th. Jefferies Financial Group reaffirmed a “buy” rating on shares of HudBay Minerals in a report on Monday, July 6th. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of HudBay Minerals in a report on Tuesday, April 21st. Scotiabank reiterated an “outperform” rating on shares of HudBay Minerals in a research note on Thursday, June 25th. Finally, Wall Street Zen upgraded HudBay Minerals from a “hold” rating to a “buy” rating in a research report on Monday, July 20th. Eleven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $31.33.

HudBay Minerals Price Performance

Shares of NYSE HBM opened at $22.36 on Friday. The firm has a 50-day simple moving average of $24.86 and a 200-day simple moving average of $24.10. The stock has a market capitalization of $9.93 billion, a price-to-earnings ratio of 13.47, a price-to-earnings-growth ratio of 0.34 and a beta of 1.48. The company has a quick ratio of 1.20, a current ratio of 1.36 and a debt-to-equity ratio of 0.14. HudBay Minerals Inc has a 52 week low of $8.93 and a 52 week high of $32.15.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last posted its quarterly earnings results on Friday, May 1st. The mining company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.06. HudBay Minerals had a return on equity of 10.04% and a net margin of 27.75%.The business had revenue of $757.30 million during the quarter, compared to analyst estimates of $684.73 million. During the same period in the prior year, the business earned $0.24 earnings per share. The business’s revenue was up 27.3% compared to the same quarter last year. On average, equities analysts predict that HudBay Minerals Inc will post 1.6 earnings per share for the current fiscal year.

HudBay Minerals Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Tuesday, June 9th were given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.2%. The ex-dividend date was Tuesday, June 9th. HudBay Minerals’s dividend payout ratio (DPR) is presently 1.81%.

About HudBay Minerals

HudBay Minerals Inc is a Canada-based mining company engaged in the exploration, development and production of base and precious metals. Its primary products include copper, zinc, gold and silver concentrates, which are sold to smelters and refiners worldwide. The company’s operations span multiple stages of the mining cycle, from resource definition and feasibility studies to mine construction, extraction and reclamation.

The company traces its roots back to 1927, when it was established as Hudson Bay Mining & Smelting Co Limited.